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Cohen & Steers
Cohen & Steers (CNS) investor relations material
Cohen & Steers Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Jan, 2026
Executive summary
Achieved solid revenue growth in Q4 2025, driven by higher average AUM and stable fee rates, with net inflows in five of the last six quarters.
Assets under management (AUM) ended Q4 2025 at $90.5B, up from $85.8B at year-end 2024, with average AUM for FY 2025 at $88.6B, a 5.6% increase year-over-year.
Net inflows totaled $1.2B in Q4 2025 and $1.5B for FY 2025, reversing net outflows from FY 2024.
Full-year 2025 EPS rose to $3.09 from $2.93 in 2024; Q4 EPS was $0.81, flat sequentially.
Maintained strong long-term investment outperformance, with 95% of AUM beating benchmarks over one, three, five, and ten years.
Financial highlights
Q4 2025 revenue increased 2% sequentially to $143.8 million; full-year revenue up 6.9% to $554 million.
Q4 operating income rose 3% to $52.4 million; full-year operating income up 6.3% to $195.1 million.
Net income for Q4 2025 was $41.7M, flat sequentially; FY 2025 net income was $159.1M, up from $149.3M in FY 2024.
Operating margin for Q4 was 36.4%, up from 36.1% in the prior quarter; FY 2025 margin was 35.2%.
Liquidity at year-end was $403 million, a $39 million increase from the prior quarter.
Outlook and guidance
Expect compensation ratio to remain at 40% in 2026; G&A growth projected to moderate to mid-single digits.
2026 effective tax rate guidance is 25.4% (as-adjusted).
Anticipate broadening economic and market returns in 2026, with real assets and natural resource equities positioned for growth.
Focus in 2026 on harvesting ROI from recent investments in strategies, vehicles, and talent.
Management provided forward-looking statements, highlighting risks and uncertainties that could impact future results, as detailed in the annual report.
Status of interim CFO role?
Outlook for real assets and alternative income?
International market strategy update?
Active ETF scaling: What drives acceleration?
Real asset allocation in broadening market?
Balance sheet funding for new vehicles peak?
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Next Cohen & Steers earnings date
Q1 202616 Apr, 2026
Cohen & Steers
Next Cohen & Steers earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Cohen & Steers, Inc. is a U.S.-based investment management company specializing in real assets and alternative investment strategies. The firm manages portfolios that include real estate securities, infrastructure, natural resources, preferred securities, and multi-strategy solutions. Cohen & Steers serves a global clientele, including institutional investors, financial advisors, and individual clients, offering mutual funds, closed-end funds, and separate accounts. The company is headquartered in New York, New York, and its shares are listed on the New York Stock Exchange.
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